Bitcoin to set a new record 9-week losing streak with BTC price down 22% in May

Bitcoin

Bitcoin to set a new record 9-week losing streak with BTC price down 22% in May

Crypto markets strike out on their own as May comes to a close — but not in the direction that anyone hoped for.

Bitcoin to set a new record 9-week losing streak with BTC price down 22% in May

Bitcoin (BTC) threatened to continue an unprecedented losing streak on May 29 as BTC/USD stayed in a right intraday range.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Stocks correlation offers no comfort to BTC bulls

Data from Cointelegraph Markets Pro and TradingView flagged the largest cryptocurrency heading for nine weeks of downtrend in a row — the most in history.

Already at a dubious record, Bitcoin’s weekly chart closes provided the backdrop to a weakness that continued to disappoint analysts over the weekend.

Even stock markets, troubled by central bank tightening, managed to put in gains over the week, while Bitcoin and the majority of altcoins added to losses.

“Most concerning has been the divergence between Equities and Crypto. S&P and NASDAQ have traded about 10% higher since 20 May lows while both BTC and ETH have traded lower in the same period,” trading firm QCP Capital wrote to subscribers of its markets newsletter, the latest edition of which was released on May 29:

As Cointelegraph further reported, historical patterns dictate that a period of sideways price action could now continue, followed only later by a capitulation event and macro bottom.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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